In: Accounting
The unadjusted trial balance as of December 31, 2021, for the
Bagley Consulting Company appears below. December 31 is the
company’s reporting year-end.
Account Title | Debits | Credits | ||
Cash | 13,150 | |||
Accounts receivable | 7,250 | |||
Prepaid insurance | 2,900 | |||
Land | 205,000 | |||
Buildings | 55,000 | |||
Accumulated depreciation—buildings | 22,000 | |||
Office equipment | 87,000 | |||
Accumulated depreciation—office equipment | 34,800 | |||
Accounts payable | 28,150 | |||
Salaries payable | 0 | |||
Deferred rent revenue | 0 | |||
Common stock | 220,000 | |||
Retained earnings | 46,050 | |||
Service revenue | 79,000 | |||
Interest revenue | 3,800 | |||
Rent revenue | 4,500 | |||
Salaries expense | 30,000 | |||
Depreciation expense | 0 | |||
Insurance expense | 0 | |||
Utilities expense | 20,200 | |||
Maintenance expense | 17,800 | |||
Totals | 438,300 | 438,300 | ||
Information necessary to prepare the year-end adjusting entries
appears below.
Required:
1. From the trial balance and information given, prepare
adjusting entries.
2. Post the beginning balances and adjusting
entries into the appropriate T-accounts.
3. Prepare an adjusted trial balance.
4. Prepare closing entries.
5. Prepare a post-closing trial balance.
BAGLEY CONSULTING COMPANY | ||||
ADJUSTING ENTRIES | ||||
DATE | ACCOUNT | DEBIT | CREDIT | CALCULATIONS |
1 | DEPRECIATION EXPENSE | 1100 | 55000/50YRS | |
ACCUMULATED DEPRECIATION | 1100 | |||
2 | DEPRECIATION EXPENSE | 8700 | 87000*10% | |
ACCUMULATED DEPRECIATION OF OFFICE EXPENSE | 8700 | |||
3 | INSURANCE EXPENSE | 1450 | ||
PREPAID INSURANCE | 1450 | |||
4 | SALARY AND WAGES EXPENSE | 1150 | ||
SALARY AND WAGES PAYABLE | 1150 | |||
5 | RENT REVENUE | 700 | ||
DEFFERED RENT REVENUE | 700 |
CLOSING ENTRIES
CJE1 | SERVICE REVENUE | 79000 | |
INTEREST REVENUE | 3800 | ||
RENT REVENUE | 4500 | ||
INCOME SUMMARY | 87300 | ||
CJE2 | INCOME SUMMARY | 79250 | |
SALARY EXPENSES | 30000 | ||
DEPRECIATION EXPENSES | 9800 | ||
INSURANCE EXPENSE | 1450 | ||
UTILITIES EXPENSE | 20200 | ||
MAINTANENCE EXPENSE | 17800 | ||
CJE3 | INCOME SUMMARY | 8050 | |
RETAINED EARNINGS | 8050 |
T ACCOUNTS | |||||||||||||||
DATE | DEBIT | DATE | CREDIT | DATE | DEBIT | DATE | CREDIT | DATE | DEBIT | DATE | CREDIT | DATE | DEBIT | DATE | CREDIT |
CASH ACCOUNT | ACCOUNTS RECIEVABLE | PREPAID INSURANCE | OFFICE EQUIPMENT | ||||||||||||
OP BAL | 13150 | OP BAL | 7250 | OP BAL | 2900 | OP BAL | 87000 | ||||||||
3 | 1450 | ||||||||||||||
BAL | 13150 | BAL | 7250 | BAL | 1450 | BAL | 87000 | ||||||||
LAND | BUILDING | ACC DEPRECIATION | |||||||||||||
OP BAL | 225000 | OP BAL | 65000 | OP BAL | 22000 | ||||||||||
1 | 1100 | ||||||||||||||
BAL | 225000 | BAL | 65000 | BAL | 23100 | ||||||||||
ACC DEPRECIATION OF OFFICE EQP | ACCOUNTS PAYABLE | SALARY PAYABLE | DEFFERED REVENUE | ||||||||||||
OP BAL | 34800 | OP BAL | 28150 | OP BAL | OP BAL | ||||||||||
2 | 8700 | 4 | 1150 | 5 | 700 | ||||||||||
BAL | 43500 | BAL | 28150 | BAL | 1150 | BAL | 700 | ||||||||
COMMON STOCK | RETAINED EARNINGS | ||||||||||||||
OP BAL | 220000 | OP BAL | 46050 | ||||||||||||
BAL | 220000 | BAL | 46050 | ||||||||||||
SERVICE REVENUE | INTEREST REVENUE | RENT REVENUE | SALARYIES EXPENSE | ||||||||||||
OP BAL | 79000 | OP BAL | 3800 | OP BAL | 4500 | OP BAL | 30000 | ||||||||
5 | 700 | 4 | 1150 | ||||||||||||
BAL | 79000 | BAL |
Related SolutionsThe unadjusted trial balance as of December 31, 2021, for the Bagley Consulting Company appears below....The unadjusted trial balance as of December 31, 2021, for the
Bagley Consulting Company appears below. December 31 is the
company’s reporting year-end.
Account Title
Debits
Credits
Cash
9,950
Accounts receivable
8,000
Prepaid insurance
3,300
Land
220,000
Buildings
62,500
Accumulated depreciation—buildings
25,000
Office equipment
96,000
Accumulated depreciation—office equipment
38,400
Accounts payable
29,200
Salaries payable
0
Deferred rent revenue
0
Common stock
240,000
Retained earnings
47,400
Service revenue
83,500
Interest revenue
4,400
Rent revenue
5,400
Salaries expense
33,000
Depreciation expense
0...
The unadjusted trial balance as of December 31, 2021, for the Bagley Consulting Company appears below....The unadjusted trial balance as of December 31, 2021, for the
Bagley Consulting Company appears below. December 31 is the
company’s reporting year-end.
Account Title
Debits
Credits
Cash
13,150
Accounts receivable
7,250
Prepaid insurance
2,900
Land
205,000
Buildings
55,000
Accumulated depreciation—buildings
22,000
Office equipment
87,000
Accumulated depreciation—office equipment
34,800
Accounts payable
28,150
Salaries payable
0
Deferred rent revenue
0
Common stock
220,000
Retained earnings
46,050
Service revenue
79,000
Interest revenue
3,800
Rent revenue
4,500
Salaries expense
30,000
Depreciation expense
0...
The unadjusted trial balance as of December 31, 2021, for the Bagley Consulting Company appears below....
The unadjusted trial balance as of December 31, 2021, for the
Bagley Consulting Company appears below. December 31 is the
company’s reporting year-end.
Account Title
Debits
Credits
Cash
10,250
Accounts receivable
6,250
Prepaid insurance
2,500
Land
180,000
Buildings
42,500
Accumulated depreciation—buildings
17,000
Office equipment
75,000
Accumulated depreciation—office equipment
30,000
Accounts payable
26,750
Salaries payable
0
Deferred rent revenue
0
Common stock
180,000
Retained earnings
44,250
Service revenue
73,000
Interest revenue
2,800
Rent revenue
3,300
Salaries expense
26,000
Depreciation expense
0...
The unadjusted trial balance as of December 31, 2021, for the Bagley Consulting Company appears below....The unadjusted trial balance as of December 31, 2021, for the
Bagley Consulting Company appears below. December 31 is the
company’s reporting year-end.
Account Title
Debits
Credits
Cash
10,250
Accounts receivable
6,250
Prepaid insurance
2,500
Land
180,000
Buildings
42,500
Accumulated depreciation—buildings
17,000
Office equipment
75,000
Accumulated depreciation—office equipment
30,000
Accounts payable
26,750
Salaries payable
0
Deferred rent revenue
0
Common stock
180,000
Retained earnings
44,250
Service revenue
73,000
Interest revenue
2,800
Rent revenue
3,300
Salaries expense
26,000
Depreciation expense
0...
The unadjusted trial balance as of December 31, 2018, for the Bagley Consulting Company appears below....The unadjusted trial balance as of December 31, 2018, for the
Bagley Consulting Company appears below. December 31 is the
company’s fiscal year-end.
Account Title
Debits
Credits
Cash
5,350
Accounts receivable
7,500
Prepaid insurance
3,100
Land
210,000
Buildings
57,500
Accumulated depreciation—buildings
23,000
Office equipment
90,000
Accumulated depreciation—office equipment
36,000
Accounts payable
28,500
Salaries and wages payable
0
Deferred rent revenue
0
Common stock
220,000
Retained earnings
46,500
Sales revenue
80,500
Interest revenue
4,000
Rent revenue
4,800
Salaries and wages expense...
The unadjusted trial balance as of December 31, 2018, for the Bagley Consulting Company appears below....The unadjusted trial balance as of December 31, 2018, for the
Bagley Consulting Company appears below. December 31 is the
company’s fiscal year-end.
Account
Title
Debits
Credits
Cash
7,650
Accounts receivable
7,750
Prepaid insurance
3,200
Land
215,000
Buildings
60,000
Accumulated
depreciation—buildings
24,000
Office equipment
93,000
Accumulated depreciation—office
equipment
37,200
Accounts payable
28,850
Salaries and wages payable
0
Deferred rent revenue
0
Common stock
230,000
Retained earnings
46,950
Sales revenue
82,000
Interest revenue
4,200
Rent revenue
5,100
Salaries and wages expense...
The unadjusted trial balance as of December 31, 2018, for the Bagley Consulting Company appears below....The unadjusted trial balance as of December 31, 2018, for the
Bagley Consulting Company appears below. December 31 is the
company’s fiscal year-end.
Account Title
Debits
Credits
Cash
15,650
Accounts receivable
5,750
Prepaid insurance
2,300
Land
170,000
Buildings
37,500
Accumulated depreciation—buildings
15,000
Office equipment
69,000
Accumulated depreciation—office equipment
27,600
Accounts payable
26,050
Salaries and wages payable
0
Deferred rent revenue
0
Common stock
170,000
Retained earnings
43,350
Sales revenue
70,000
Interest revenue
2,400
Rent revenue
2,700
Salaries and wages expense...
The unadjusted trial balance as of December 31, 2018, for the Bagley Consulting Company appears below....The unadjusted trial balance as of December 31, 2018, for the
Bagley Consulting Company appears below. December 31 is the
company’s fiscal year-end.
Account
Title
Debits
Credits
Cash
5,850
Accounts receivable
7,000
Prepaid insurance
2,800
Land
195,000
Buildings
52,500
Accumulated
depreciation—buildings
21,000
Office equipment
84,000
Accumulated depreciation—office
equipment
33,600
Accounts payable
27,800
Salaries and wages payable
0
Deferred rent revenue
0
Common stock
200,000
Retained earnings
45,600
Sales revenue
77,500
Interest revenue
3,600
Rent revenue
4,200
Salaries and wages expense...
The unadjusted trial balance of Drone Delivery at December 31, , appears below. The data needed...The unadjusted trial balance of Drone Delivery at December 31,
, appears below. The data needed for the month-end adjustments
also appear below. Journalize the adjusting entries on December 31.
a. Unearned delivery revenue still remaining to be earned at
December 31, $880. b. Prepaid rent still available at December
31, $2800. c. Supplies used during the month, $490. d.
Amortization on drones for the month, $680. e. Accrued utilities
expense at December 31, $225(Credit Accounts Payable.) f.
Accrued salaries...
E.Pace Consulting Work Sheet For the Year Ended December 31. 2021 Unadjusted Trial Balance  
E.Pace Consulting
Work Sheet
For the Year Ended December 31. 2021
Unadjusted
Trial Balance
Adjustments
Adjusted Trial Balance
Account Titles
Dr.
Cr.
Dr.
Cr.
Dr.
Cr.
Cash
8,000
10,000
Supplies
6,000
Equipment
14,000
Accum. Depr-Eqpt.
4,000
Accounts Payable
5,000
Unearned Revenues
5,000
Salaries Payable
Common Stock
3,000
Retained Earnings
15,500
Dividends
1,500
Revenue Earned
20,000
<<
(include above)
Salaries Expense
9,000
Rent Expense
4,000
Supplies Expense
Depreciation Expense
Totals
52,500
52,500
Required:
a. Using the following information, complete the
work...
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